SoFi Technologies (NASDAQ:SOFI) Trading Up 3.2% – Here’s What Happened

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price was up 3.2% on Monday . The company traded as high as $15.38 and last traded at $15.32. Approximately 13,168,997 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 42,708,215 shares. The stock had previously closed at $14.84.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on SOFI shares. Keefe, Bruyette & Woods reiterated an “underperform” rating and issued a $8.00 target price (up previously from $7.00) on shares of SoFi Technologies in a research note on Thursday. Bank of America reissued an “underperform” rating and set a $12.00 price objective on shares of SoFi Technologies in a report on Monday, December 9th. JPMorgan Chase & Co. lifted their price target on shares of SoFi Technologies from $9.00 to $16.00 and gave the stock a “neutral” rating in a research note on Monday, December 2nd. The Goldman Sachs Group increased their price objective on shares of SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Finally, Barclays upped their target price on shares of SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, SoFi Technologies has an average rating of “Hold” and a consensus price target of $11.13.

SoFi Technologies Price Performance

The stock has a fifty day moving average of $14.59 and a 200-day moving average of $10.09. The firm has a market capitalization of $16.65 billion, a P/E ratio of 153.42, a PEG ratio of 2.70 and a beta of 1.77. The company has a quick ratio of 0.18, a current ratio of 0.49 and a debt-to-equity ratio of 0.52.

SoFi Technologies (NASDAQ:SOFI) last announced its earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The company had revenue of $697.10 million for the quarter, compared to analyst estimates of $631.59 million. SoFi Technologies had a net margin of 8.38% and a return on equity of 3.71%. SoFi Technologies’s quarterly revenue was up 29.8% on a year-over-year basis. During the same period in the prior year, the business earned ($0.03) earnings per share. Equities analysts predict that SoFi Technologies, Inc. will post 0.12 EPS for the current fiscal year.

Insider Activity at SoFi Technologies

In other news, Director Iv (Gp) L.L.C. Slta sold 1,758,553 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $16.06, for a total value of $28,242,361.18. Following the transaction, the director now directly owns 482,083 shares in the company, valued at $7,742,252.98. This trade represents a 78.48 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Kelli Keough sold 8,914 shares of the company’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $15.59, for a total value of $138,969.26. Following the completion of the sale, the executive vice president now owns 187,725 shares of the company’s stock, valued at $2,926,632.75. This represents a 4.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,009,264 shares of company stock worth $416,889,795 over the last 90 days. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On SoFi Technologies

Several institutional investors have recently modified their holdings of SOFI. State Street Corp grew its holdings in SoFi Technologies by 1.7% during the third quarter. State Street Corp now owns 18,062,855 shares of the company’s stock valued at $141,974,000 after purchasing an additional 310,532 shares during the period. Geode Capital Management LLC increased its position in shares of SoFi Technologies by 2.1% in the 3rd quarter. Geode Capital Management LLC now owns 17,619,084 shares of the company’s stock valued at $138,523,000 after buying an additional 358,806 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in SoFi Technologies by 263.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 13,083,606 shares of the company’s stock worth $86,478,000 after buying an additional 9,482,683 shares during the period. Marshall Wace LLP lifted its holdings in SoFi Technologies by 130.0% during the second quarter. Marshall Wace LLP now owns 6,357,887 shares of the company’s stock worth $42,026,000 after acquiring an additional 3,593,464 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in SoFi Technologies by 1.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,145,837 shares of the company’s stock valued at $48,306,000 after acquiring an additional 87,097 shares during the period. 38.43% of the stock is currently owned by institutional investors and hedge funds.

SoFi Technologies Company Profile

SoFi Technologies, Inc provides various financial services in the United States, Latin America, and Canada. It operates through three segments: Lending, Technology Platform, and Financial Services. The company offers lending and financial services and products that allows its members to borrow, save, spend, invest, and protect money.